UK deal shifts 1,000 GE jobs

Energy sector move a result of shutdown of Ex-Im Bank in U.S.

By Larry Rulison

Published 8:09 pm, Thursday, September 24, 2015

General Electric Co. said Thursday it is going to create 1,000 new jobs in the energy sector in the United Kingdom in order to obtain export financing from that government in light of the federal government shutting down the US Export-Import Bank that GE uses to support exports from U.S. factories.

Last week, GE announced that 400 jobs in its power generation business, which is headquartered in Schenectady, would move to France to support production that will be financed by the French government.

In the latest move, UK Export Finance has agreed to support up to $12 billion in overseas sales.

GE last week also announced that it will move 100 jobs responsible for final assembly of aeroderivative turbines from Texas to Hungary and China to ensure customer access to export credit agency financing in those countries.

And on Thursday, GE Aviation said it would create a $400 million turboprop engine development, test and production operation in Europe, creating as many as 500 to 1,000 jobs. It also announced new investments in Brazil and Canada that would also provide customers with export credit agency financing.